Thanks for sharing @rok-sivante. I had so many similar experiences. So, I have decided to invest (long term) not trade (short term), and to systemize not improvise!
Investing means you study a cryptocurrency thoroughly, and then if you find that it has a good value for the long run, you buy in it. If its price falls down, you don't panic, but instead, you buy more.
Similarly, if you miss a top, you don't have any regrets because you did not want to sell any way.
I found that investing saved me so much time, effort and anxiety, and best of all, it made me more money eventually.
Holding it long term is definitely a better way to trade as its less stressful and doesn't psychologically impact you that hard. I bought like around $400 worth of crypto to start day trading and as a result I've been insomniac these days while barely averaging out a $10 or more gain daily. I've had no experience in trading prior to this.
Oh the other hand, the other crypto I bought for $10 as a joke and pretty much forgotten about has brought me almost 5x return as of today.
I also favor the long-term investment approach over trading. not as much adrenaline, but alot less stress and has indeed produced some great results over the last year...
I finally started holding long term more then trading and the results are unbelievable. No more rushing to take a 10% gain. I will not buy a coin that I'm not willing to hold for a while. That's when i started making money and stopped stressing.
Very well said. I am trying to convince fellow Steemians that this is the best approach. I mean you should not follow the herds selling or buying without knowing why.
The main issue with trading is that it so similiar to gambling. Sometimes I don't see a difference between roulette and trading on exchange. Both have similiar rewards psychology questions: should I sell now? I already made so much. But then the greed comes and you become blind for reality. That's why one should buy when everyone is selling and sell when everyone is buying. Just don't go that gamblers psychology path people. Especially if you have basic human needs to cover.:) @rok-sivante
depends on one's level of insight, skill, and focus.
if someone is new and doesn't know a whole lot about the territory, similar to gambling, yes. but the more one gets immersed in the markets and learns about market behavior, the less risky because they're taking calculated risks with an intentional strategy, set objectives, and principles governing the decision making process.
though, it also requires a certain psychological profile to manage being able to execute such strategies effectively. personally, as stated in one of the other comments above, my preferred strategy in crypto is buy-and-hold for long-term investment, in projects I morally align with and whose vision I support.
Thanks for sharing! I think it is better to change the Steem dollars into other crypto's (including SP). Crypto's are meant to go up and SD to be stable.
I feel you 100% on this. I have had my own crypto chaos, with the accompanying regret and anxiety over potential gains and losses. Every time I have to tell myself to go back to the lessons gained approach. It's the only way to move foward, especially for those of us that may believe we missed on hundreds of millions by refusing btc in its nascent days when given the chance. In my case, I had a roommate that asked me thirty times over the course of 3 years, starting when it was at 10 cents XD. Needless to say I refused hahaha.
Anyway, In addition to keeping the learning in mind, I also think about the old Daoist adage about never knowing... never knowing much of anything to be exact... but especially about a decision as we don't know what will come.. maybe it's a bubble (it's not) and will burst tomorrow, so all my heartache today is for not.. Either way.. keep calm, smile and keep chugging on. You won't know if you made a bad decision for years anyway, and if you did, who knows what would have happened then. Maybe the money corrupts you and you would have been happier without it.. who knows...
It's in my opinion that whether we take the lesson on investing or not, the important thing is we aren't arrogant enough to pretend we know what's going to happen tomorrow. If you want to keep investing, GET A PLAN, keep going, and try not to beat yourself over the head when you miss out. In the crypto market, as long as you invest you're going to make a return better than the wall street.
Trading tends to bring out all kinds of emotions - hope, anxiety, greed, despair, joy etc. The worst is Regret because this mental state is like a void that sucks you in. It kills your confidence and makes you indecisive. When you become indecisive, you tend to make the wrong decisions which leads to more regrets and the cycle continues. So to overcome this, you need to let go of every bad decision you made and stay focused on what you aim to accomplish next. This is how I program my thoughts and move forward.
They say the mark of a good trader is not how much he gains in returns, but how little he has lost. Psychology is soooooo important when it come to being a successful trader. Best advice i've received while trading crypto was that the people who buy and hold have never lost money. It sounded like you were in a bind tho, and I would have made the same mistake haha
mmm... I had a little bit for a while, but sold because I wouldn't really use it myself much and would prefer to store value in other projects that I resonate more with...
i.e. LTC is moreless just another coin, versus a token whose ecosystem - such as Steem, Bitshares, or Ethereum - has alot more possibilities for what can be built out on it versus a currency function alone.
Bitcoin is obviously the leader, due to popularity, and as such inherent value in that. I guess Litecoin might have potential advantages, especially since switching over to the Lightning Network, which could increase its practical utility value - though at the time I sold, it was only supposed to be 4x faster than Bitcoin, which didn't seem that huge of an advantage, in comparison with how fast ETH or Graphene is in comparison.
I couldn't find enough info on the strategic roadmap for LTC and where the team is intended to take it, how to integrate into global economies and ecosystems - not a clear long-term big vision. Comparatively, I could see how huge Ethereum is blowing up to with its widespread adoption - and I believe strongly in alot of the projects and teams building on it, so rather would hold my funds in ETH for moral support alone, aside from profit potential - same going for the other tokens in my portfolio...
I think the best thing is, if you truly believe in this platform ie Steemit! Just leave your money in! Steemit is picking up faster than ever and our SBD/Steem will be worth more :)
Leave it in, let it grow! I forced myself out the game by investing into Steem today instead of day-trading all day, all night. Like someone else said, only have 10% on Bittrex. Less emotional, not checking Blockfolio every 5 minutes.
Exactly! It's like my dad when he says don''t short because it gives you unnecessary stress. He usually goes long on long-term blue chip dividend stocks that he doesn't need to bat an eye on every second! Followed~
Smart advice, and if you do short you have to keep your finger on the trigger, a sniper trade. Good thing I stayed away from margin trading otherwise I would be broke by now. Thanks for the follow, followed back, cheers.
Steem (Power), yes. Though seems like may as well cash out SBD while it's well-above it's peg. And diversification in any investment strategy is always wise...
Thanks for sharing @rok-sivante. I had so many similar experiences. So, I have decided to invest (long term) not trade (short term), and to systemize not improvise!
Investing means you study a cryptocurrency thoroughly, and then if you find that it has a good value for the long run, you buy in it. If its price falls down, you don't panic, but instead, you buy more.
Similarly, if you miss a top, you don't have any regrets because you did not want to sell any way.
I found that investing saved me so much time, effort and anxiety, and best of all, it made me more money eventually.
Agreed!
Holding it long term is definitely a better way to trade as its less stressful and doesn't psychologically impact you that hard. I bought like around $400 worth of crypto to start day trading and as a result I've been insomniac these days while barely averaging out a $10 or more gain daily. I've had no experience in trading prior to this.
Oh the other hand, the other crypto I bought for $10 as a joke and pretty much forgotten about has brought me almost 5x return as of today.
Same here! Just dumb luck on my part!
word.
I also favor the long-term investment approach over trading. not as much adrenaline, but alot less stress and has indeed produced some great results over the last year...
I finally started holding long term more then trading and the results are unbelievable. No more rushing to take a 10% gain. I will not buy a coin that I'm not willing to hold for a while. That's when i started making money and stopped stressing.
I have a system now.
That's the way to do it. Same for me man. No more headache.. Just headaches about finding more money to dump in haha :D
Very well said. I am trying to convince fellow Steemians that this is the best approach. I mean you should not follow the herds selling or buying without knowing why.
Take of the downside and the upside will take care of itself.
The main issue with trading is that it so similiar to gambling. Sometimes I don't see a difference between roulette and trading on exchange. Both have similiar rewards psychology questions: should I sell now? I already made so much. But then the greed comes and you become blind for reality. That's why one should buy when everyone is selling and sell when everyone is buying. Just don't go that gamblers psychology path people. Especially if you have basic human needs to cover.:) @rok-sivante
depends on one's level of insight, skill, and focus.
if someone is new and doesn't know a whole lot about the territory, similar to gambling, yes. but the more one gets immersed in the markets and learns about market behavior, the less risky because they're taking calculated risks with an intentional strategy, set objectives, and principles governing the decision making process.
though, it also requires a certain psychological profile to manage being able to execute such strategies effectively. personally, as stated in one of the other comments above, my preferred strategy in crypto is buy-and-hold for long-term investment, in projects I morally align with and whose vision I support.
Thanks for sharing! I think it is better to change the Steem dollars into other crypto's (including SP). Crypto's are meant to go up and SD to be stable.
Please follow me so that I get some motivation as I am new here
that would be false motivation. true motivation, you must cultivate from the inside... ;-)
Thanks for sharing!
I feel you 100% on this. I have had my own crypto chaos, with the accompanying regret and anxiety over potential gains and losses. Every time I have to tell myself to go back to the lessons gained approach. It's the only way to move foward, especially for those of us that may believe we missed on hundreds of millions by refusing btc in its nascent days when given the chance. In my case, I had a roommate that asked me thirty times over the course of 3 years, starting when it was at 10 cents XD. Needless to say I refused hahaha.
Anyway, In addition to keeping the learning in mind, I also think about the old Daoist adage about never knowing... never knowing much of anything to be exact... but especially about a decision as we don't know what will come.. maybe it's a bubble (it's not) and will burst tomorrow, so all my heartache today is for not.. Either way.. keep calm, smile and keep chugging on. You won't know if you made a bad decision for years anyway, and if you did, who knows what would have happened then. Maybe the money corrupts you and you would have been happier without it.. who knows...
It's in my opinion that whether we take the lesson on investing or not, the important thing is we aren't arrogant enough to pretend we know what's going to happen tomorrow. If you want to keep investing, GET A PLAN, keep going, and try not to beat yourself over the head when you miss out. In the crypto market, as long as you invest you're going to make a return better than the wall street.
Cheers mate. I have followed you ;).
I usually Hodl 90% of assets and 10% on exchange just to play around with emotions...just my rule
Btw very good post...great read
Trading tends to bring out all kinds of emotions - hope, anxiety, greed, despair, joy etc. The worst is Regret because this mental state is like a void that sucks you in. It kills your confidence and makes you indecisive. When you become indecisive, you tend to make the wrong decisions which leads to more regrets and the cycle continues. So to overcome this, you need to let go of every bad decision you made and stay focused on what you aim to accomplish next. This is how I program my thoughts and move forward.
well-stated.
great job upvoted / followed
They say the mark of a good trader is not how much he gains in returns, but how little he has lost. Psychology is soooooo important when it come to being a successful trader. Best advice i've received while trading crypto was that the people who buy and hold have never lost money. It sounded like you were in a bind tho, and I would have made the same mistake haha
Very insightful
Hey thanks my dog!
Awesome post 💯🔥💕 Just out of curiosity... What are your views on litecoin? (This question is for everyone)
mmm... I had a little bit for a while, but sold because I wouldn't really use it myself much and would prefer to store value in other projects that I resonate more with...
i.e. LTC is moreless just another coin, versus a token whose ecosystem - such as Steem, Bitshares, or Ethereum - has alot more possibilities for what can be built out on it versus a currency function alone.
Bitcoin is obviously the leader, due to popularity, and as such inherent value in that. I guess Litecoin might have potential advantages, especially since switching over to the Lightning Network, which could increase its practical utility value - though at the time I sold, it was only supposed to be 4x faster than Bitcoin, which didn't seem that huge of an advantage, in comparison with how fast ETH or Graphene is in comparison.
I couldn't find enough info on the strategic roadmap for LTC and where the team is intended to take it, how to integrate into global economies and ecosystems - not a clear long-term big vision. Comparatively, I could see how huge Ethereum is blowing up to with its widespread adoption - and I believe strongly in alot of the projects and teams building on it, so rather would hold my funds in ETH for moral support alone, aside from profit potential - same going for the other tokens in my portfolio...
I think the best thing is, if you truly believe in this platform ie Steemit! Just leave your money in! Steemit is picking up faster than ever and our SBD/Steem will be worth more :)
Leave it in, let it grow! I forced myself out the game by investing into Steem today instead of day-trading all day, all night. Like someone else said, only have 10% on Bittrex. Less emotional, not checking Blockfolio every 5 minutes.
Exactly! It's like my dad when he says don''t short because it gives you unnecessary stress. He usually goes long on long-term blue chip dividend stocks that he doesn't need to bat an eye on every second! Followed~
Smart advice, and if you do short you have to keep your finger on the trigger, a sniper trade. Good thing I stayed away from margin trading otherwise I would be broke by now. Thanks for the follow, followed back, cheers.
This is the best comment I have seen here!
Steem (Power), yes. Though seems like may as well cash out SBD while it's well-above it's peg. And diversification in any investment strategy is always wise...